Christopher Dodd Quotes

“In theory, inherent market inefficiencies and perverse incentives could be overcome by efficient regulation. But the same deep-seated tendencies that concentrate wealth and power in private tyrannies reduce the likelihood of such steps. In late 2009 there seemed to be one faint hope that Congress might institute some meaningful regulation: proposals by Senator Christopher Dodd, chair of the Senate Banking Committee. But Dodd succumbed to Wall Street pressure and abandoned his proposal in December 2009. One of its components was a new Consumer Financial Protection Agency intended to “crack down on abusive and risky lending practices that helped fuel last year’s financial crisis,” Michael Kranish commented in a rare press report. “Banks and other financial institutions have fought hard to kill the proposal,” he adds. And succeeded. He quotes Elizabeth Warren, the Harvard Law professor who originated the idea for the agency: “When all the dust settles, the real question for the history books will be whether Congress was able to create an independent consumer agency with the tools necessary to end abusive practices and to prevent future crises.” The answer appears to be a loud no, in our business-run democracy.”
― Noam Chomsky, Hopes and Prospects